Tax-estimating Rules

How To Get Forms

October 09, 1991|By ANTHONY GIORGIANNI; Courant Staff Writer

Beginning this month, people who earn more than $1,000 in income for which there is no paycheck withholding will have to pay an estimated tax to the state. Half of the tax will be due next Tuesday. The second half is due Feb. 18. Here are some questions and answers about how estimated payments work.

What if I live in another state, earn more than $1,000 in taxable income in Connecticut and pay no withholding? You may be subject to paying estimated tax in Connecticut if your combined income from all sources -- including from your own state -- is high enough. To determine that, add up all your estimated 1991 income as though you were a Connecticut resident. Then factor in Connecticut's exemptions and credits and calculate the tax, again as if you were a Connecticut resident. Then multiply the tax by the percentage that your estimated Connecticut income is of your total income. You pay half the amount next Tuesday and the other half Feb. 18. Your own state will give you a credit for the amount paid to Connecticut.

Can I deduct the tax on my federal income-tax return? Yes, if you itemize.

Will the state penalize me if I don't file estimated taxes and instead pay my tax all at once on April 15? Not this year. But remember, if you spend the money, come April you could be in a bind. Also, unless you pay by Dec. 31, you'll have to wait a year to deduct the tax on your federal tax return if you itemize. Penalties will be imposed for estimated taxes due beginning April 15, 1992.

I've been having trouble finding the estimate tax forms in my library, town hall or post office. Is there a problem? Apparently. State tax officials say there has been some delay in the forms' reaching these locations. They should begin arriving this week. Forms also can be obtained by calling 1-800-382-9463. You can obtain the form by fax machine by faxing a request to 297-5606. Ask for the individual estimated payment form.